What is business personal property? What are examples of inventory and supplies?In essence, Business Personal Property is all property used in the course of doing business that is not exempt. What personal property is exempt? The Business Property Statement (Form 571-L) and Filing Requirements What is a Business Property Statement - Form 571-L (BPS)? It then discusses the roles of key players in property tax assessment—California voters, the Legislature, the California State Board of. We'll walk through a short guide to how to prepare the property statement. Our records indicate that you were doing business at this location on January 1. The information contained in this presentation is intended for educational purposes only and should not be construed as legal advice. Short-life property subject to rapid obsolescence;.